How To Create Multiple Streams of Income In Your Beauty BizNov 24, 2021
Count of hands… Who wants to secure the bag and create a million dollar business for themselves!?
Probably most of you!
You may have gotten into the beauty industry because you had a passion for helping others. Maybe you got into the beauty industry because you wanted to do something that you were excited about, that allowed you to meet and interact with others and that fulfilled a spot in your heart that you had for doing meaningful work.
When you went into business for yourself, you probably wanted all of those things that were stated above, but you also wanted something very specific; a.k.a time and financial freedom. I’m talking MONEY, baby. But the fact is: if there’s no money, there’s no time freedom. If you know, you know. However, there IS such a thing as booked, busy and broke girlfriend.
We both know being booked and broke wasn’t the goal when you went into business. The goal was to make your own money and be able to scale to a point where you were able to have freedom to live life on your own terms (HAIL YAS!). If you resonate with feeling booked, busy and broke, that means that you're a prisoner of your business. Whether that has to do with the amount of profit you’re bringing in or not, I’m not sure. But if it does have to do with you not quite creating the bottom line of your business dreams, then listen up!
We are going to be talking all about creating different streams of income for ourselves within our business. Did you know: the average millionaire has 7, that’s right SEVEN, streams of income. If you only have one stream of income in your business right now you might be thinking, “how in the heck do I get 7 streams!?” Well you’re in luck, friend, because that’s just what I’m going to tell you today.
It’s actually less difficult than you think to create multiple streams of income for yourself in your biz - some of which can be passive. Can I get an AMEN for making money while we sleep!?
Let’s break down the coinage, shall we?
If you own a beauty business, especially as a spray tan artist, you’ve got this one covered. This is the services-based part of your business where you physically interact with your clients. This cash stream can apply to most beauty business babes, whether you’re a cosmetologist, waxer, lash artist, esthetician. Whatever services you offer on your service menu is one form of income that you already have coming in. For some of us, this may be the only stream of income we have currently in our business and that is making us feel overworked and burned out. That’s because for this income stream you have to exchange your time and energy in order to make money.
2. Retail products/ecommerce
We’ve talked about how important it is to offer retail in your beauty business in order to benefit your bottom line. PLUS having these retail products available through an online shop means you can make money at any time of day (woohoo!). We recommend bringing in retail products you personally love so that you can educate your clients on why this certain product is going to help them!
3. Online/In person courses
Becoming an expert in your field means that you might have others coming to you asking for advice. Providing online or in person courses means that you get to charge people for giving them advice, basically. What’s great about this, is that online courses can also be passive income! By creating a course once you can repurpose that content and continue selling it without having to trade time for money. A win-win opportunity for developing an additional income stream for yourself!
Once you reach a certain level of success, there will be people that want the blueprint of that success. They’ll want YOU to teach THEM how to get to where you are. Coaching services are generally more of a higher priced, exclusive service as well which means this particular stream of income has the potential to bring in a big bang to your bank account.
This avenue of making money is great for so many reasons. It allows you to connect and network with many different industry professionals, get to know people from all over and create an experience that stays with them forever. This type of income stream typically comes with an upfront investment. It takes a lot of time, energy and money to put on events, but the outcome of putting on a live event is like no other!
6. Affiliate Marketing
Do you use products you love in your business? ABSO-FREAKING-LUTELY you do, my friend. My advice: reach out to companies that sell the products you’re already currently using to see if they offer an affiliate program so you can continue using those products, but make some extra cash money while doing it.
7. Ad space
If you utilize a platform like youtube or you have a blog that gets a whole lotta traffic, you could have the opportunity to sell ad space on your videos or website to other companies that want your followers to see their advertisements.
See babe, that’s all 7! Now think, how many of those are you currently doing and how many could you put into action right now or in the very near future!?
If you want to learn more about how to build the business of your dreams, head over to spraytanclass.com to visit our Master’s Course!